Discounted Cash Flow (DCF) Analysis Levered

Digital Turbine, Inc. (APPS)

$23.7

+0.79 (+3.45%)
All numbers are in Millions, Currency in USD
Stock DCF: 108.74 | 23.7 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 74.75103.57138.72313.58747.601,377.362,537.634,675.298,613.6915,869.74
Revenue (%)
Operating Cash Flow 6.971.2731.3862.8084.74177.75327.48603.341,111.582,047.96
Operating Cash Flow (%)
Capital Expenditure -1.99-2.31-4.85-9.20-23.28-39.78-73.29-135.03-248.78-458.35
Capital Expenditure (%)
Free Cash Flow 4.97-1.0426.5353.5961.46137.96254.18468.30862.801,589.61

Weighted Average Cost Of Capital

Share price $ 23.7
Beta 2.391
Diluted Shares Outstanding 102.64
Cost of Debt
Tax Rate 19.16
After-tax Cost of Debt 1.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.136
Total Debt 533.28
Total Equity 2,432.57
Total Capital 2,965.85
Debt Weighting 17.98
Equity Weighting 82.02
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 74.75103.57138.72313.58747.601,377.362,537.634,675.298,613.6915,869.74
Operating Cash Flow 6.971.2731.3862.8084.74177.75327.48603.341,111.582,047.96
Capital Expenditure -1.99-2.31-4.85-9.20-23.28-39.78-73.29-135.03-248.78-458.35
Free Cash Flow 4.97-1.0426.5353.5961.46137.96254.18468.30862.801,589.61
WACC
PV LFCF 123.38203.29334.94551.86909.27
SUM PV LFCF 2,122.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.82
Free cash flow (t + 1) 1,621.40
Terminal Value 16,511.19
Present Value of Terminal Value 9,444.54

Intrinsic Value

Enterprise Value 11,567.29
Net Debt 406.52
Equity Value 11,160.77
Shares Outstanding 102.64
Equity Value Per Share 108.74